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An Individual Retirement Account (IRA) is one of the smartest, most tax-efficient ways to save for retirement, and best of all, most people can take part.
The two most common types of IRAs work differently. Learn more about which may be the best choice for your retirement strategy.
When it comes to retirement planning, it’s important to never stop learning. Review the types of IRAs and use our Retirement Tools & Calculators.
A Roth IRA conversion occurs when you take savings from a Traditional, SEP, or SIMPLE IRA or employer-sponsored retirement plan such as a 401(k) and move them to a Roth IRA. At the time of conversion, you will pay the appropriate taxes due on before-tax dollars converted; the IRS 10% additional tax on early or pre-59 1/2 distributions does not apply. The benefits of a tax-free income in retirement may justify the conversion.
Consider consolidating your financial assets at Wells Fargo to help you simplify your finances and get a better view of your overall financial picture. For a start, we can explain the various options for your retirement plan savings and How to transfer your IRAs.
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Traditional IRA distributions are taxed as ordinary income. Qualified Roth IRA distributions are not subject to state and local taxation in most states. Qualified Roth IRA distributions are also federally tax-free provided a Roth account has been open for more than five years and the owner has reached age 59½ or for their disability, using the first time homebuyer exception or taken due to their death. Distributions from Traditional and Roth IRAs may be subject to an IRS 10% additional tax if distributions are taken prior to age 59½.
Investment products and services are offered through Wells Fargo Advisors. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.
WellsTrade® and Intuitive Investor® accounts are offered through WFCS.
Retirement Professionals are registered representatives of and offer brokerage products through Wells Fargo Clearing Services, LLC (WFCS). Discussions with Retirement Professionals may lead to a referral to affiliates including Wells Fargo Bank, N.A. WFCS and its associates may receive a financial or other benefit for this referral. Wells Fargo Bank, N.A. is a banking affiliate of Wells Fargo & Company.
Wells Fargo and Company and its affiliates do not provide tax or legal advice. Please consult your tax and legal advisors to determine how this information may apply to your own situation. Whether any planned tax result is realized by you depends on the specific facts of your own situation at the time your taxes are prepared.
Information published by Wells Fargo Bank, N.A., Wells Fargo Advisors, or one of its affiliates as part of this website is published in the United States and is intended only for persons in the United States.
Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.
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Wells Fargo offers a variety of ways to invest your savings.